Openness at Current Prices for Nigeria
OPENCPNGA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
78.65
Year-over-Year Change
18.85%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at Current Prices for Nigeria' metric measures the degree of trade integration in the Nigerian economy. It is an important indicator for economists and policymakers to assess the country's global economic engagement.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Openness at current prices is calculated as the sum of exports and imports of goods and services divided by gross domestic product (GDP). This ratio provides insight into the size of Nigeria's trade flows relative to the overall size of its economy.
Methodology
The data is collected and calculated by the World Bank from official government sources.
Historical Context
Tracking Nigeria's openness metric can inform assessments of economic policy, competitiveness, and the potential impacts of trade agreements or disruptions.
Key Facts
- Nigeria's openness ratio was 26.4% in 2021.
- Trade as a percentage of Nigeria's GDP has declined since the early 2010s.
- Nigeria is Africa's largest economy and a major oil exporter.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Nigeria' metric measures the degree of trade integration in the Nigerian economy by calculating the ratio of exports and imports to GDP.
Q: Why is this trend relevant for users or analysts?
A: This openness metric provides insight into Nigeria's global economic engagement and can inform assessments of the country's trade policies, competitiveness, and exposure to external economic factors.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank from official government sources.
Q: How is this trend used in economic policy?
A: Tracking Nigeria's openness metric can help policymakers evaluate the impacts of trade agreements, tariffs, or other policies that affect the country's international trade and economic integration.
Q: Are there update delays or limitations?
A: The World Bank updates this openness data on an annual basis, so there may be a 1-2 year lag in the most recent figures.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Nigeria (OPENCPNGA156NUPN), retrieved from FRED.